Adobe reported solid Q1 results, says Wells Fargo

After Adobe reported higher than expected Q1 EPS, Wells Fargo thinks the company has done a good job of managing the change in its revenue model, and believes that its multiple should rise to 20x from mid-teens previously. The firm raised its price target range on the shares to $70-$74 from $50-$54 but keeps a Sector Perform rating.

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